Canadian mining company Teck Resources Ltd. (TCK: Quote, TCK_A.TO, TCK_B.TO) Wednesday released the financial results for the third quarter ended 30 September 2012, reporting a sharp decline in profit on lower revenues.
The company reported net profit for the third quarter of C$191 million or C$0.31 per diluted share, sharply lower than net profit of C$839 million, or C$1.37 per diluted share, reported for the corresponding period in the previous year.
Excluding special items, adjusted profit for the third quarter were C$349 million, or C$0.60 per share, compared with adjusted profit of C$742 million, or C$1.26 per share reported fr the year-ago period.
Total revenues for the third quarter were C$2.50 billion, sharply lower than revenues of C$3.38 billion reported for the same quarter in the previous year.
“The uncertainty in global economic conditions resulted in lower commodity prices and sales volumes of steelmaking coal compared with the third quarter of 2011. This resulted in profits and cash flow from operations being less than the third quarter of last year. ……….,” said Don Lindsay, President and CEO.